NCLT Ahmedabad admits Section 7 insolvency petition against Desai Agrifoods Pvt Ltd for defaulting on ₹1.14 crore debt to Team India Managers Ltd.
The Corporate Debtor failed to repay a ₹1 crore loan with 12% interest despite admitting financial difficulties and acknowledging the debt.
The tribunal appointed Value Plus Insolvency Resolution Professionals as IRP and declared a moratorium under Section 14 of IBC.
The Financial Creditor was directed to pay ₹3 lakh advance to the IRP for initial CIRP costs subject to CoC ratification.